SHAK

SEC source: 0001209191-18-029719 · doc4a.xml · nonDerivative · entry 6

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

GEI Capital VI, LLC · CIK 0001632071 · Director · 10% owner

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director · 10% owner

Green VI Holdings, LLC · CIK 0001632074 · Director · 10% owner

Leonard Green & Partners, L.P. · CIK 0001175523 · Director · 10% owner

LGP Malted Coinvest LLC · CIK 0001568925 · Director · 10% owner

LGP MANAGEMENT INC · CIK 0001175525 · Director · 10% owner

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,454,132

F10 · shares: Represents shares sold by GEI Side VI.

F13 · price: This transaction was executed in multiple trades at prices ranging from $59.34 to $59.50. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F11 · balance_after: Represents shares owned by GEI Side VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F12 · ownership.direct: Each of GEI VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI Side VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-029719 · doc4a.xml · nonDerivative · entry 5

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

GEI Capital VI, LLC · CIK 0001632071 · Director · 10% owner

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director · 10% owner

Green VI Holdings, LLC · CIK 0001632074 · Director · 10% owner

Leonard Green & Partners, L.P. · CIK 0001175523 · Director · 10% owner

LGP Malted Coinvest LLC · CIK 0001568925 · Director · 10% owner

LGP MANAGEMENT INC · CIK 0001175525 · Director · 10% owner

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,693

F7 · shares: Represents shares sold by Malted.

F13 · price: This transaction was executed in multiple trades at prices ranging from $59.34 to $59.50. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F8 · balance_after: Represents shares owned by Malted.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F9 · ownership.direct: Each of GEI VI, GEI Side VI, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to Malted, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-029719 · doc4a.xml · nonDerivative · entry 4

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

GEI Capital VI, LLC · CIK 0001632071 · Director · 10% owner

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director · 10% owner

Green VI Holdings, LLC · CIK 0001632074 · Director · 10% owner

Leonard Green & Partners, L.P. · CIK 0001175523 · Director · 10% owner

LGP Malted Coinvest LLC · CIK 0001568925 · Director · 10% owner

LGP MANAGEMENT INC · CIK 0001175525 · Director · 10% owner

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 256,105

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") of the Issuer sold by Green Equity Investors VI, L.P. ("GEI VI").

F13 · price: This transaction was executed in multiple trades at prices ranging from $59.34 to $59.50. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F3 · balance_after: Represents shares owned by GEI VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F6 · ownership.direct: Each of GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-029719 · doc4a.xml · nonDerivative · entry 3

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

GEI Capital VI, LLC · CIK 0001632071 · Director · 10% owner

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director · 10% owner

Green VI Holdings, LLC · CIK 0001632074 · Director · 10% owner

Leonard Green & Partners, L.P. · CIK 0001175523 · Director · 10% owner

LGP Malted Coinvest LLC · CIK 0001568925 · Director · 10% owner

LGP MANAGEMENT INC · CIK 0001175525 · Director · 10% owner

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,458,600

F10 · shares: Represents shares sold by GEI Side VI.

F2 · price: This transaction was executed in multiple trades at prices ranging from $58.34 to $59.335. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F11 · balance_after: Represents shares owned by GEI Side VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F12 · ownership.direct: Each of GEI VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI Side VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-029719 · doc4a.xml · nonDerivative · entry 2

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

GEI Capital VI, LLC · CIK 0001632071 · Director · 10% owner

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director · 10% owner

Green VI Holdings, LLC · CIK 0001632074 · Director · 10% owner

Leonard Green & Partners, L.P. · CIK 0001175523 · Director · 10% owner

LGP Malted Coinvest LLC · CIK 0001568925 · Director · 10% owner

LGP MANAGEMENT INC · CIK 0001175525 · Director · 10% owner

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,240

F7 · shares: Represents shares sold by Malted.

F2 · price: This transaction was executed in multiple trades at prices ranging from $58.34 to $59.335. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F8 · balance_after: Represents shares owned by Malted.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F9 · ownership.direct: Each of GEI VI, GEI Side VI, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to Malted, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-029719 · doc4a.xml · nonDerivative · entry 1

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

GEI Capital VI, LLC · CIK 0001632071 · Director · 10% owner

Green Equity Investors Side VI, L.P. · CIK 0001531059 · Director · 10% owner

Green VI Holdings, LLC · CIK 0001632074 · Director · 10% owner

Leonard Green & Partners, L.P. · CIK 0001175523 · Director · 10% owner

LGP Malted Coinvest LLC · CIK 0001568925 · Director · 10% owner

LGP MANAGEMENT INC · CIK 0001175525 · Director · 10% owner

PERIDOT COINVEST MANAGER LLC · CIK 0001632725 · Director · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 263,600

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") of the Issuer sold by Green Equity Investors VI, L.P. ("GEI VI").

F2 · price: This transaction was executed in multiple trades at prices ranging from $58.34 to $59.335. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F3 · balance_after: Represents shares owned by GEI VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F6 · ownership.direct: Each of GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-029696 · doc4.xml · nonDerivative · entry 2

SOKOLOFF JONATHAN D · CIK 0001175522 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 1,728,930

F5 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 7,495 were sold by GEI VI, 4,468 were sold by GEI Side VI, and 547 were sold by Malted.

F6 · price: This transaction was executed in multiple trades at prices ranging from $59.34 to $59.50. The price reported above reflects the weighted average sale price. Mr. Sokoloff 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 trades were effected.

F7 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 256,105 are owned by GEI VI, 1,454,132 are owned by GEI Side VI, and 18,693 are owned by Malted.

F4 · ownership.nature: Mr. Sokoloff directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the shares owned by GEI VI, GEI Side VI, and Malted. Mr. Sokoloff disclaims beneficial ownership of the shares owned by each of GEI VI, GEI Side VI, and Malted, except to the extent of his pecuniary interest in GEI VI and GEI Side VI, and this report shall not otherwise be deemed an admission that he is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

SEC source: 0001209191-18-029696 · doc4.xml · nonDerivative · entry 1

SOKOLOFF JONATHAN D · CIK 0001175522 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 1,741,440

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") sold by Green Equity Investors VI, L.P. ("GEI VI"), Green Equity Investors Side VI, L.P. ("GEI Side VI"), and LGP Malted Coinvest LLC ("Malted"). Of the shares of A-Common sold, 112,337 were sold by GEI VI, 66,953 were sold by GEI Side VI, and 8,200 were sold by Malted. GEI VI's, GEI Side VI's, and Malted's A-Common, together with GEI VI's and Malted's B-Common and LLC Interests, are collectively referred to herein as the "Equity Interests."

F2 · price: This transaction was executed in multiple trades at prices ranging from $58.34 to $59.335. The price reported above reflects the weighted average sale price. Mr. Sokoloff 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 trades were effected.

F3 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 263,600 are owned by GEI VI, 1,458,600 are owned by GEI Side VI, and 19,240 are owned by Malted.

F4 · ownership.nature: Mr. Sokoloff directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the shares owned by GEI VI, GEI Side VI, and Malted. Mr. Sokoloff disclaims beneficial ownership of the shares owned by each of GEI VI, GEI Side VI, and Malted, except to the extent of his pecuniary interest in GEI VI and GEI Side VI, and this report shall not otherwise be deemed an admission that he is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

SEC source: 0001209191-18-029702 · doc4.xml · nonDerivative · entry 6

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,454,132

F10 · shares: Represents shares sold by GEI Side VI.

F13 · price: This transaction was executed in multiple trades at prices ranging from $59.34 to $59.50. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F11 · balance_after: Represents shares owned by GEI Side VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F12 · ownership.direct: Each of GEI VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI Side VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-029702 · doc4.xml · nonDerivative · entry 5

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,693

F7 · shares: Represents shares sold by Malted.

F13 · price: This transaction was executed in multiple trades at prices ranging from $59.34 to $59.50. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F8 · balance_after: Represents shares owned by Malted.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F9 · ownership.direct: Each of GEI VI, GEI Side VI, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to Malted, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-029702 · doc4.xml · nonDerivative · entry 4

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 256,105

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") of the Issuer sold by Green Equity Investors VI, L.P. ("GEI VI").

F13 · price: This transaction was executed in multiple trades at prices ranging from $59.34 to $59.50. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F3 · balance_after: Represents shares owned by GEI VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F6 · ownership.direct: Each of GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-029702 · doc4.xml · nonDerivative · entry 3

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,458,600

F10 · shares: Represents shares sold by GEI Side VI.

F2 · price: This transaction was executed in multiple trades at prices ranging from $58.34 to $59.335. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F11 · balance_after: Represents shares owned by GEI Side VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F12 · ownership.direct: Each of GEI VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI Side VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-029702 · doc4.xml · nonDerivative · entry 2

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 19,240

F7 · shares: Represents shares sold by Malted.

F2 · price: This transaction was executed in multiple trades at prices ranging from $58.34 to $59.335. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F8 · balance_after: Represents shares owned by Malted.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F9 · ownership.direct: Each of GEI VI, GEI Side VI, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to Malted, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001209191-18-029702 · doc4.xml · nonDerivative · entry 1

Green Equity Investors VI, L.P. · CIK 0001531051 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 263,600

F1 · shares: Represents shares of Class A common stock, par value $0.001 per share ("A-Common") of the Issuer sold by Green Equity Investors VI, L.P. ("GEI VI").

F2 · price: This transaction was executed in multiple trades at prices ranging from $58.34 to $59.335. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake 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 trades were effected.

F3 · balance_after: Represents shares owned by GEI VI.

F4 · ownership.direct: GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP.

F5 · ownership.direct: Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder.

F6 · ownership.direct: Each of GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes.

SEC source: 0001620533-18-000059 · wf-form4_152598751137522.xml · derivative · entry 3

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 72,000

Underlying: CLASS A COMMON STOCK · 3,000 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.

F3 · derivative.exercise_date: An option to purchase 106,000 shares of Class A Stock at $21 per share were granted to the Reporting Person on January 29, 2015. 21,200 options vested on January 29, 2016, 21,200 options vested on January 29, 2017, 21,200 options vested on January 29, 2018, and the remaining options vest in two equal installments on each of January 29, 2019 and January 29, 2020, subject to Reporting Person's continued service with the Issuer.

SEC source: 0001620533-18-000059 · wf-form4_152598751137522.xml · nonDerivative · entry 2

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,809

F2 · shares: Represents the sale of shares of Class A Stock of the Issuer that were acquired in a cashless exercise of Reporting Person's option to purchase 3,000 shares of Class A Stock.

SEC source: 0001620533-18-000059 · wf-form4_152598751137522.xml · nonDerivative · entry 1

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,809

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 the Reporting Person's cashless exercise of the option to purchase 3,000 shares of Class A Stock.

SEC source: 0001620533-18-000057 · wf-form4_152598744440991.xml · nonDerivative · entry 1

Lyons Jenna · CIK 0001452724 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 963

SEC source: 0001620533-18-000055 · wf-form4_152581494982657.xml · nonDerivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 660,318

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that 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 8, 2018. 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.

F7 · price: The transaction was executed in multiple trades at prices ranging from $56.3000 to $57.2700. 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: 0001620533-18-000055 · wf-form4_152581494982657.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 680,318

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that 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 8, 2018. 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.

F6 · price: The transaction was executed in multiple trades at prices ranging from $55.3000 to $56.2999. 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: 0001620533-18-000055 · wf-form4_152581494982657.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 689,718

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that 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 8, 2018. 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 $54.3000 to $55.2999. 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: 0001620533-18-000055 · wf-form4_152581494982657.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 695,418

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that 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 8, 2018. 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 $53.3000 to $54.2999. 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: 0001620533-18-000052 · wf-form4_152538425915248.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 705,318

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that 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 8, 2018. 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 $47.1000 to $47.4300. 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: 0001620533-18-000052 · wf-form4_152538425915248.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 709,579

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") that 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 8, 2018. 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 $46.1000 to $47.0999. 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: 0001620533-18-000046 · wf-form4_152513183573587.xml · nonDerivative · entry 1

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,809

F1 · shares: Represents shares of Class A Common Stock of Shake Shack Inc. (the "Issuer") withheld for taxes upon the vesting of restricted stock units that were previously acquired by the Reporting Person upon the Issuer's achievement of certain performance criteria for fiscal year 2016, as determined by the Issuer's Compensation Committee on March 13, 2017.

SEC source: 0001620533-18-000044 · wf-form4_152513171689416.xml · derivative · entry 6

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 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: 514,051

Underlying: CLASS A COMMON STOCK · 20,000 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.

F8 · derivative.exercise_price: The LLC Interests 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: The LLC Interests 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: The LLC Interests 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.

SEC source: 0001620533-18-000044 · wf-form4_152513171689416.xml · nonDerivative · entry 4

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 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: 514,051

F6 · 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-to-one basis upon redemption of the LLC Interests for shares of Class A Stock of the Issuer.

SEC source: 0001620533-18-000044 · wf-form4_152513171689416.xml · nonDerivative · entry 3

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 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: 18,041

F2 · shares: Represents shares of Class A Stock that were disposed of by Mr. Garutti pursuant to a 10b5-1 trading plan entered into on December 4, 2017.

F4 · 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.

F5 · price: The transaction was executed in multiple trades at prices ranging from $44.5300 to $45.4900. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-18-000044 · wf-form4_152513171689416.xml · nonDerivative · entry 2

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 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: 37,341

F2 · shares: Represents shares of Class A Stock that were disposed of by Mr. Garutti pursuant to a 10b5-1 trading plan entered into on December 4, 2017.

F3 · price: The transaction was executed in multiple trades at prices ranging from $43.5300 to $44.5299. The price reported above reflects the weighted average sales price.

F4 · 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.

SEC source: 0001620533-18-000044 · wf-form4_152513171689416.xml · nonDerivative · entry 1

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 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: 38,041

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: 0001620533-18-000041 · wf-form4_152227432507104.xml · derivative · entry 6

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 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: 534,051

Underlying: CLASS A COMMON STOCK · 20,000 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.

F8 · derivative.exercise_price: The LLC Interests 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: The LLC Interests 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: The LLC Interests 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.

SEC source: 0001620533-18-000041 · wf-form4_152227432507104.xml · nonDerivative · entry 4

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 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: 534,051

F6 · 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-to-one basis upon redemption of the LLC Interests for shares of Class A Stock of the Issuer.

SEC source: 0001620533-18-000041 · wf-form4_152227432507104.xml · nonDerivative · entry 3

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 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: 18,041

F2 · shares: Represents shares of Class A Stock that were disposed of by Mr. Garutti pursuant to a 10b5-1 trading plan entered into on December 4, 2017.

F4 · 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.

F5 · price: The transaction was executed in multiple trades at prices ranging from $41.3100 to $41.6700. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-18-000041 · wf-form4_152227432507104.xml · nonDerivative · entry 2

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 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: 22,507

F2 · shares: Represents shares of Class A Stock that were disposed of by Mr. Garutti pursuant to a 10b5-1 trading plan entered into on December 4, 2017.

F3 · price: The transaction was executed in multiple trades at prices ranging from $40.3100 to $41.3099. The price reported above reflects the weighted average sales price.

F4 · 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.

SEC source: 0001620533-18-000041 · wf-form4_152227432507104.xml · nonDerivative · entry 1

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

RANDALL J. GARUTTI GST TRUST DATED 12/30/2014 · CIK 0001633809 · 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: 38,041

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: 0001620533-18-000037 · wf-form4_152183676580522.xml · nonDerivative · entry 1

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,219

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") underlying restricted stock units acquired by the Reporting Person upon the Issuer's achievement of certain performance targets for certain performance criteria for fiscal year 2017, as determined by the Issuer's Compensation Committee on March 22, 2018. On May 18, 2017, pursuant to the Issuer's 2015 Incentive Award Plan, as amended, the Reporting Person was awarded performance stock units that issue into restricted stock units representing the right to receive Class A Stock of the Issuer. The restricted stock units representing the right to receive Class A Stock of the Issuer vest in 3 equal installments on each of May 18, 2018, May 18, 2019 and May 18, 2020.

F1 · balance_after: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") underlying restricted stock units acquired by the Reporting Person upon the Issuer's achievement of certain performance targets for certain performance criteria for fiscal year 2017, as determined by the Issuer's Compensation Committee on March 22, 2018. On May 18, 2017, pursuant to the Issuer's 2015 Incentive Award Plan, as amended, the Reporting Person was awarded performance stock units that issue into restricted stock units representing the right to receive Class A Stock of the Issuer. The restricted stock units representing the right to receive Class A Stock of the Issuer vest in 3 equal installments on each of May 18, 2018, May 18, 2019 and May 18, 2020.

SEC source: 0001620533-18-000039 · wf-form4_152183760379269.xml · derivative · entry 2

Comonte Tara · CIK 0001708832 · CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,036

Underlying: CLASS A COMMON STOCK · 5,036 shares

Expires 2028-03-22

F2 · derivative.exercise_date: The option vests in five equal installments on each of the first five anniversaries of the grant date, subject to the Reporting Person's employment agreement with the Issuer.

SEC source: 0001620533-18-000039 · wf-form4_152183760379269.xml · nonDerivative · entry 1

Comonte Tara · CIK 0001708832 · CHIEF FINANCIAL OFFICER

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 53,286

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") underlying restricted stock units acquired by the Reporting Person upon the Issuer's achievement of certain performance targets for certain performance criteria for fiscal year 2017, as determined by the Issuer's Compensation Committee on March 22, 2018. On June 12, 2017, pursuant to the Issuer's 2015 Incentive Award Plan, as amended, the Reporting Person was awarded performance stock units that issue into restricted stock units representing the right to receive Class A Stock of the Issuer. The restricted stock units representing the right to receive Class A Stock of the Issuer vest in 3 equal installments on each of June 12, 2018, June 12, 2019 and June 12, 2020.

F1 · price: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") underlying restricted stock units acquired by the Reporting Person upon the Issuer's achievement of certain performance targets for certain performance criteria for fiscal year 2017, as determined by the Issuer's Compensation Committee on March 22, 2018. On June 12, 2017, pursuant to the Issuer's 2015 Incentive Award Plan, as amended, the Reporting Person was awarded performance stock units that issue into restricted stock units representing the right to receive Class A Stock of the Issuer. The restricted stock units representing the right to receive Class A Stock of the Issuer vest in 3 equal installments on each of June 12, 2018, June 12, 2019 and June 12, 2020.

SEC source: 0001620533-18-000035 · wf-form4_152183664555672.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,041

F1 · shares: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") underlying restricted stock units acquired by the Reporting Person upon the Issuer's achievement of certain performance targets for certain performance criteria for fiscal year 2017, as determined by the Issuer's Compensation Committee on March 22, 2018. On May 18, 2017, pursuant to the Issuer's 2015 Incentive Award Plan, as amended, the Reporting Person was awarded performance stock units that issue into restricted stock units representing the right to receive Class A Stock of the Issuer. The restricted stock units representing the right to receive Class A Stock of the Issuer vest in 3 equal installments on each of May 18, 2018, May 18, 2019 and May 18, 2020.

F1 · price: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") underlying restricted stock units acquired by the Reporting Person upon the Issuer's achievement of certain performance targets for certain performance criteria for fiscal year 2017, as determined by the Issuer's Compensation Committee on March 22, 2018. On May 18, 2017, pursuant to the Issuer's 2015 Incentive Award Plan, as amended, the Reporting Person was awarded performance stock units that issue into restricted stock units representing the right to receive Class A Stock of the Issuer. The restricted stock units representing the right to receive Class A Stock of the Issuer vest in 3 equal installments on each of May 18, 2018, May 18, 2019 and May 18, 2020.

SEC source: 0001620533-18-000033 · wf-form4_152089279129202.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

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (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 $42.2500 to $42.5900. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Common Stock ("Class A Stock") of the Issuer held by the 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 securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000033 · wf-form4_152089279129202.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: 25,000

F1 · price: The transaction was executed in multiple trades at prices ranging from $41.5000 to $41.6900. 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, Shake Shack Inc. (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 Common Stock ("Class A Stock") of the Issuer held by the 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 securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000031 · wf-form4_152046176616889.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

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: 50,000

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (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 $41.2500 to $41.4400. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Common Stock ("Class A Stock") of the Issuer held by the 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 securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000031 · wf-form4_152046176616889.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

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: 65,904

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (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 $41.0000 to $41.4300. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Common Stock ("Class A Stock") of the Issuer held by the 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 securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000031 · wf-form4_152046176616889.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: 105,904

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (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 $40.4200 to $40.7900. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Common Stock ("Class A Stock") of the Issuer held by the 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 securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000031 · wf-form4_152046176616889.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: 131,504

F1 · price: The transaction was executed in multiple trades at prices ranging from $39.4200 to $40.3800. 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, Shake Shack Inc. (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 Common Stock ("Class A Stock") of the Issuer held by the 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 securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000026 · wf-form4_152029262944178.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: 145,904

F2 · price: Each Reporting Person hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (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 $39.0000 to $39.4100. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents shares of Class A Common Stock ("Class A Stock") of the Issuer held by the 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 securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-18-000028 · wf-form4_152037366281029.xml · derivative · entry 3

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 75,000

Underlying: CLASS A COMMON STOCK · 3,000 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.

F3 · derivative.exercise_date: An option to purchase 106,000 shares of Class A Stock at $21 per share were granted to the Reporting Person on January 29, 2015. 21,200 options vested on January 29, 2016, 21,200 options vested on January 29, 2017, 21,200 options vested on January 29, 2018, and the remaining options vest in two equal installments on each of January 29, 2019 and January 29, 2020, subject to Reporting Person's continued service with the Issuer.

SEC source: 0001620533-18-000028 · wf-form4_152037366281029.xml · nonDerivative · entry 2

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,978

F2 · shares: Represents the sale of shares of Class A Stock of the Issuer that were acquired in a cashless exercise of Reporting Person's option to purchase 3,000 shares of Class A Stock.

SEC source: 0001620533-18-000028 · wf-form4_152037366281029.xml · nonDerivative · entry 1

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,978

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 the Reporting Person's cashless exercise of the option to purchase 3,000 shares of Class A Stock.

SEC source: 0001620533-18-000026 · wf-form4_152029262944178.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: 185,904

F1 · price: The transaction was executed in multiple trades at prices ranging from $39.0000 to $39.3000. 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, Shake Shack Inc. (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 Common Stock ("Class A Stock") of the Issuer held by the 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 securities except to the extent of such Reporting Person's pecuniary interest therein.