SHAK

SEC source: 0001209191-17-063333 · doc4.xml · nonDerivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 1,600,113

F11 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 25,327 were sold by GEI VI, 15,097 were sold by GEI Side VI, and 1,848 were sold by Malted.

F12 · price: This transaction was executed in multiple trades at prices ranging from $41.00 to $41.21. 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.

F13 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 73,798 are owned by GEI VI, 1,525,553 are owned by GEI Side VI, and 762 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: 0001209191-17-063333 · doc4.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 1,642,385

F8 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 108,206 were sold by GEI VI, 64,492 were sold by GEI Side VI, and 7,897 were sold by Malted.

F9 · price: This transaction was executed in multiple trades at prices ranging from $40.00 to $40.995. 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.

F10 · balance_after: Represents shares owned by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common reported, 99,125 are owned by GEI VI, 1,540,650 are owned by GEI Side VI, and 2,610 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: 0001209191-17-063334 · doc4.xml · nonDerivative · entry 6

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

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

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 1,605,142

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

F13 · price: This transaction was executed in multiple trades at prices ranging from $40.00 to $40.67. 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: 0001209191-17-063334 · doc4.xml · nonDerivative · entry 5

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

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

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 10,507

F7 · shares: Represents shares owned by Malted.

F13 · price: This transaction was executed in multiple trades at prices ranging from $40.00 to $40.67. 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: 0001209191-17-063334 · doc4.xml · nonDerivative · entry 4

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

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

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 207,331

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 $40.00 to $40.67. 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: 0001209191-17-063334 · doc4.xml · nonDerivative · entry 3

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

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

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 1,672,017

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

F2 · price: This transaction was executed in multiple trades at prices ranging from $39.00 to $39.99. 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: 0001209191-17-063334 · doc4.xml · nonDerivative · entry 2

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

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

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 18,698

F7 · shares: Represents shares owned by Malted.

F2 · price: This transaction was executed in multiple trades at prices ranging from $39.00 to $39.99. 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: 0001209191-17-063334 · doc4.xml · nonDerivative · entry 1

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

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

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 319,537

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 $39.00 to $39.99. 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: 0001209191-17-063333 · 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: 1,822,980

F5 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 112,206 were sold by GEI VI, 66,875 were sold by GEI Side VI, and 8,191 were sold by Malted.

F6 · price: This transaction was executed in multiple trades at prices ranging from $40.00 to $40.67. 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, 207,331 are owned by GEI VI, 1,605,142 are owned by GEI Side VI, and 10,507 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: 0001209191-17-063333 · 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: 2,010,252

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, 67,542 were sold by GEI VI, 40,255 were sold by GEI Side VI, and 4,931 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 $39.00 to $39.99. 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, 319,537 are owned by GEI VI, 1,672,017 are owned by GEI Side VI, and 18,698 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: 0001140361-17-044005 · doc1.xml · derivative · entry 7

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Class A Common Stock, par value $0.001 per share · 191,658 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 · price: See Exhibit 99.1.

F5 · derivative.exercise_date: See Exhibit 99.1.

F5 · derivative.expiration_date: See Exhibit 99.1.

F1 · ownership.nature: See Exhibit 99.1.

F10 · ownership.nature: See Exhibit 99.1.

SEC source: 0001140361-17-044005 · doc1.xml · derivative · entry 6

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Class A Common Stock, par value $0.001 per share · 49,127 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 · price: See Exhibit 99.1.

F5 · derivative.exercise_date: See Exhibit 99.1.

F5 · derivative.expiration_date: See Exhibit 99.1.

F1 · ownership.nature: See Exhibit 99.1.

F9 · ownership.nature: See Exhibit 99.1.

SEC source: 0001140361-17-044005 · doc1.xml · nonDerivative · entry 4

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

F6 · price: See Exhibit 99.1.

F1 · ownership.nature: See Exhibit 99.1.

F8 · ownership.nature: See Exhibit 99.1.

SEC source: 0001140361-17-044005 · doc1.xml · nonDerivative · entry 3

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 340,605

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 · price: See Exhibit 99.1.

F1 · ownership.nature: See Exhibit 99.1.

F4 · ownership.nature: See Exhibit 99.1.

SEC source: 0001140361-17-044005 · doc1.xml · nonDerivative · entry 2

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 0

F6 · price: See Exhibit 99.1.

F1 · ownership.nature: See Exhibit 99.1.

F7 · ownership.nature: See Exhibit 99.1.

SEC source: 0001140361-17-044005 · doc1.xml · nonDerivative · entry 1

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 98,402

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 · price: See Exhibit 99.1.

F1 · ownership.nature: See Exhibit 99.1.

F2 · ownership.nature: See Exhibit 99.1.

SEC source: 0001620533-17-000160 · wf-form4_151190663351400.xml · derivative · entry 5

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: 645,051

Underlying: CLASS A COMMON STOCK · 8,000 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.

F7 · 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.

F7 · 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.

F7 · 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: 0001620533-17-000160 · wf-form4_151190663351400.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: 645,051

F5 · 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: 0001620533-17-000160 · wf-form4_151190663351400.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: 10,961

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 August 23, 2016 and modified on March 6, 2017.

F3 · price: The transaction was executed in multiple trades at prices ranging from $37.1300 to $37.4400. 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: 0001620533-17-000160 · wf-form4_151190663351400.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: 18,961

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: 0001620533-17-000158 · wf-form4_151087262630692.xml · derivative · entry 3

RUBENZER PEGGY · CIK 0001632029 · SVP, People Resources

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 83,600

Underlying: CLASS A COMMON STOCK · 5,400 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.

F5 · derivative.exercise_date: An option to purchase 106,000 shares of Class A Stock of the Issuer at $21 per share was 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, and the remaining options vest in three equal installments on each of January 29, 2018, January 29, 2019 and January 29, 2020, subject to the Reporting Person's continued service with the Issuer.

SEC source: 0001620533-17-000158 · wf-form4_151087262630692.xml · nonDerivative · entry 2

RUBENZER PEGGY · CIK 0001632029 · SVP, People Resources

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,415

F2 · shares: Represents the sale of shares of Class A Stock of the Issuer that were acquired in a cashless exercise of the Reporting Person's option to purchase 5,400 shares of Class A Stock.

F3 · price: The transaction was executed in multiple trades at prices ranging from $37.8350 to $37.9500. The price reported above reflects the weighted average sales price.

F4 · 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: 0001620533-17-000158 · wf-form4_151087262630692.xml · nonDerivative · entry 1

RUBENZER PEGGY · CIK 0001632029 · SVP, People Resources

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,815

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 5,400 shares of Class A Stock.

SEC source: 0001620533-17-000156 · wf-form4_151061321852231.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 1,075,318

F2 · 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 · price: The transaction was executed in multiple trades at prices ranging from $38.00 to $38.26. The price reported above reflects the weighted average sales price.

F3 · balance_after: Represents Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") held by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust"). 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.

SEC source: 0001620533-17-000154 · wf-form4_151061060402133.xml · derivative · entry 3

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 78,000

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.

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

SEC source: 0001620533-17-000154 · wf-form4_151061060402133.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 5,000 shares of Class A Stock.

SEC source: 0001620533-17-000154 · wf-form4_151061060402133.xml · nonDerivative · entry 1

Koff Zach · CIK 0001693743 · Chief Operating Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,978

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 5,000 shares of Class A Stock.

SEC source: 0001620533-17-000156 · wf-form4_151061321852231.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 1,090,318

F1 · price: The transaction was executed in multiple trades at prices ranging from $37.00 to $37.46. The price reported above reflects the weighted average sales price.

F2 · 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.

F3 · balance_after: Represents Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") held by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust"). 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.

SEC source: 0001620533-17-000152 · wf-form4_151009510200949.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 1,105,318

F2 · 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 · price: The transaction was executed in multiple trades at prices ranging from $36.48 to $36.94. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") held by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust"). 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.

SEC source: 0001140361-17-041361 · doc1.xml · nonDerivative · entry 4

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 529,042

F2 · price: See Exhibit 99.1.

F3 · ownership.nature: See Exhibit 99.1.

F5 · ownership.nature: See Exhibit 99.1.

SEC source: 0001140361-17-041361 · doc1.xml · nonDerivative · entry 3

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 552,991

F1 · price: See Exhibit 99.1.

F3 · ownership.nature: See Exhibit 99.1.

F5 · ownership.nature: See Exhibit 99.1.

SEC source: 0001140361-17-041361 · doc1.xml · nonDerivative · entry 2

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 148,947

F2 · price: See Exhibit 99.1.

F3 · ownership.nature: See Exhibit 99.1.

F4 · ownership.nature: See Exhibit 99.1.

SEC source: 0001140361-17-041361 · doc1.xml · nonDerivative · entry 1

Select Equity Group, L.P. · CIK 0001592643 · 10% owner

SEG PARTNERS L P · CIK 0001060793 · 10% owner

SEG PARTNERS II L P · CIK 0001215218 · 10% owner

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · 10% owner

Loening George S · CIK 0001632169 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 157,488

F1 · price: See Exhibit 99.1.

F3 · ownership.nature: See Exhibit 99.1.

F4 · ownership.nature: See Exhibit 99.1.

SEC source: 0001620533-17-000152 · wf-form4_151009510200949.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 1,115,318

F2 · 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.

F3 · ownership.nature: Represents Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") held by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust"). 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.

SEC source: 0001620533-17-000152 · wf-form4_151009510200949.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 1,120,318

F1 · price: The transaction was executed in multiple trades at prices ranging from $35.70 to $36.37. The price reported above reflects the weighted average sales price.

F2 · 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.

F3 · ownership.nature: Represents Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") held by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust"). 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.

SEC source: 0001620533-17-000146 · wf-form4_150913836054092.xml · derivative · entry 5

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: 653,051

Underlying: CLASS A COMMON STOCK · 8,000 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.

F7 · 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.

F7 · 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.

F7 · 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: 0001620533-17-000146 · wf-form4_150913836054092.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: 653,051

F5 · 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: 0001620533-17-000146 · wf-form4_150913836054092.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: 10,961

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 August 23, 2016 and modified on March 6, 2017.

F3 · price: The transaction was executed in multiple trades at prices ranging from $35.4200 to $35.9500. 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 was effected.

SEC source: 0001620533-17-000146 · wf-form4_150913836054092.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: 18,961

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: 0001620533-17-000144 · wf-form4_150551242403864.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: 0

F1 · price: The transaction was executed in multiple trades at prices ranging from $31.4500 to $31.6200. 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: 0001620533-17-000142 · wf-form4_150542648642949.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: 14,050

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 $31.3500 to $31.6100. 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: 0001620533-17-000142 · wf-form4_150542648642949.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: 34,050

F1 · price: The transaction was executed in multiple trades at prices ranging from $31.3500 to $31.4000. 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: 0001620533-17-000140 · wf-form4_150490447168446.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: 53,669

F1 · price: The transaction was executed in multiple trades at prices ranging from $31.1500 to $31.2200. 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: 0001620533-17-000137 · wf-form4_150464977816466.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: 70,200

F1 · price: The transaction was executed in multiple trades at prices ranging from $30.9500 to $31.0900. The price reported above reflects the weighted averages 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 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: 0001620533-17-000135 · wf-form4_150404366756517.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: 95,200

F3 · price: The transaction as executed in multiple trades at prices ranging from $30.9500 to $31.0000. 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 was effected.

F2 · ownership.nature: Represents shares of Class A Stock 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 securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-17-000135 · wf-form4_150404366756517.xml · derivative · entry 5

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: 622,574

Underlying: CLASS A COMMON STOCK · 100,000 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.

F7 · 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

F7 · 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

F7 · 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

F8 · ownership.nature: Represents LLC Interests held by the Trust. Each Reporting Person disclaims beneficial ownership of such interests except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-17-000135 · wf-form4_150404366756517.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: 622,574

F5 · 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.

F6 · ownership.nature: Represents shares of Class B Common Stock held by the Trust. Each Reporting Person disclaims beneficial ownership of such securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-17-000135 · wf-form4_150404366756517.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: 100,000

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 · ownership.nature: Represents shares of Class A Stock 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 securities except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-17-000133 · wf-form4_150404325381468.xml · derivative · entry 5

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: 661,051

Underlying: CLASS A COMMON STOCK · 8,000 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.

F7 · 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.

F7 · 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.

F7 · 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: 0001620533-17-000133 · wf-form4_150404325381468.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: 661,051

F5 · 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.