SHAK

SEC source: 0001633802-16-000008 · primary_doc.xml · nonDerivative · entry 5

CORAINE RICHARD D · CIK 0001633802 · 10% owner

RICHARD D. CORAINE 2012 FAMILY TRUST · CIK 0001633801 · 10% owner

HAIDA TONI · CIK 0001633918 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,860

SEC source: 0000846623-16-000026 · primary_doc.xml · nonDerivative · entry 3

SLOATE LAURA J · CIK 0000846623 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,500

SEC source: 0000846623-16-000026 · primary_doc.xml · nonDerivative · entry 2

SLOATE LAURA J · CIK 0000846623 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,000

SEC source: 0001209191-16-149932 · doc4.xml · nonDerivative · entry 12

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 1,872,967

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

F15 · price: This transaction was executed in multiple trades at prices ranging from $38.80 to $38.90. 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: 0001209191-16-149932 · doc4.xml · nonDerivative · entry 11

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 43,307

F7 · shares: Represents shares sold by Malted.

F15 · price: This transaction was executed in multiple trades at prices ranging from $38.80 to $38.90. 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: 0001209191-16-149932 · doc4.xml · nonDerivative · entry 10

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 656,706

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").

F15 · price: This transaction was executed in multiple trades at prices ranging from $38.80 to $38.90. 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: 0001209191-16-149932 · doc4.xml · nonDerivative · entry 9

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 1,873,394

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

F14 · price: This transaction was executed in multiple trades at prices ranging from $37.80 to $38.80. 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: 0001209191-16-149932 · doc4.xml · nonDerivative · entry 8

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 43,359

F7 · shares: Represents shares sold by Malted.

F14 · price: This transaction was executed in multiple trades at prices ranging from $37.80 to $38.80. 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: 0001209191-16-149932 · doc4.xml · nonDerivative · entry 7

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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 657,421

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").

F14 · price: This transaction was executed in multiple trades at prices ranging from $37.80 to $38.80. 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: 0001209191-16-149932 · 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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 1,883,395

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

F13 · price: This transaction was executed in multiple trades at prices ranging from $36.80 to $37.78. 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: 0001209191-16-149932 · 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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 44,584

F7 · shares: Represents shares sold by Malted.

F13 · price: This transaction was executed in multiple trades at prices ranging from $36.80 to $37.78. 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: 0001209191-16-149932 · 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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 674,202

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 $36.80 to $37.78. 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: 0001209191-16-149932 · 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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 1,888,752

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

F2 · price: This transaction was executed in multiple trades at prices ranging from $35.80 to $36.79. 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: 0001209191-16-149932 · 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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 45,240

F7 · shares: Represents shares sold by Malted.

F2 · price: This transaction was executed in multiple trades at prices ranging from $35.80 to $36.79. 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: 0001209191-16-149932 · 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

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

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 683,190

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 $35.80 to $36.79. 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: 0001209191-16-149931 · 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: 2,572,980

F11 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 715 were sold by GEI VI, 427 were sold by GEI Side VI, and 52 were sold by Malted.

F12 · price: This transaction was executed in multiple trades at prices ranging from $38.80 to $38.90. 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, 656,706 are owned by GEI VI, 1,872,967 are owned by GEI Side VI, and 43,307 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: 0001209191-16-149931 · 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: 2,574,174

F8 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 16,781 were sold by GEI VI, 10,001 were sold by GEI Side VI, and 1,225 were sold by Malted.

F9 · price: This transaction was executed in multiple trades at prices ranging from $37.80 to $38.80. 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, 657,421 are owned by GEI VI, 1,873,394 are owned by GEI Side VI, and 43,359 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: 0001209191-16-149931 · 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: 2,602,181

F5 · shares: Represents shares of A-Common sold by GEI VI, GEI Side VI, and Malted. Of the shares of A-Common sold, 8,988 were sold by GEI VI, 5,357 were sold by GEI Side VI, and 656 were sold by Malted.

F6 · price: This transaction was executed in multiple trades at prices ranging from $36.80 to $37.78. 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, 674,202 are owned by GEI VI, 1,883,395 are owned by GEI Side VI, and 44,584 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: 0001209191-16-149931 · 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: 2,617,182

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, 3,474 were sold by GEI VI, 2,070 were sold by GEI Side VI, and 254 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 $35.80 to $36.79. 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, 683,190 are owned by GEI VI, 1,888,752 are owned by GEI Side VI, and 45,240 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: 0001620533-16-000283 · wf-form4_147916354016667.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · By Trust

Disclosed balance after: 1,280,318

F1 · shares: Shares of Class A common stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") were disposed of by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") pursuant to a 10b5-1 trading plan entered into on August 16, 2016. 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 $38.0000 to $38.3500. 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.

F1 · ownership.nature: Shares of Class A common stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") were disposed of by the Reporting Person through the Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") pursuant to a 10b5-1 trading plan entered into on August 16, 2016. 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: 0001638599-16-001573 · doc4_4325.xml · nonDerivative · entry 1

SWINGHAMER DAVID A · CIK 0001633839 · 10% owner

DAVID A. SWINGHAMER GRAT · CIK 0001633976 · 10% owner

Swinghamer Susan · CIK 0001658473 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,000

F1 · price: This transaction was executed in multiple trades at prices ranging from $37.50 to $37.92. The price reported above reflects the weighted average sale 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.

SEC source: 0000846623-16-000026 · primary_doc.xml · nonDerivative · entry 1

SLOATE LAURA J · CIK 0000846623 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,500

SEC source: 0001620533-16-000274 · wf-form4_147760311940553.xml · derivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 741,051

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: 0001620533-16-000274 · wf-form4_147760311940553.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 741,051

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-for-one basis upon redemption of the LLC Interests for shares of Class A Stock.

F6 · balance_after: Represents shares of Class B Stock held by the Reporting Person.

SEC source: 0001620533-16-000274 · wf-form4_147760311940553.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,100

F2 · shares: Shares of Class A Stock were disposed of by the Reporting Person pursuant to a 10b5-1 trading plan entered into on August 23, 2016.

F3 · price: The transaction was executed in multiple trades at prices ranging from $31.8800 to $32.3600. 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: 0001620533-16-000274 · wf-form4_147760311940553.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: 11,100

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

SEC source: 0001209191-16-147548 · doc4.xml · derivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 2,671,904

Underlying: Class A Common Stock · 313,998 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.

F4 · derivative.exercise_price: Pursuant to the terms of the Amended and Restated Certificate of Incorporation of the Issuer, shares of B-Common can be paired with LLC Interests on a one-to-one basis and tendered to the Issuer in exchange for shares of A-Common (or cash, at the Issuer's election).

F5 · shares: Represents shares paired with LLC Interests on a one-to-one basis by GEI VI and Malted and exchanged for shares of A-Common. Of the shares of reported in this row, 292,131 were issued to GEI VI, and 21,867 were issued to Malted.

F6 · price: Not applicable.

F4 · derivative.exercise_date: Pursuant to the terms of the Amended and Restated Certificate of Incorporation of the Issuer, shares of B-Common can be paired with LLC Interests on a one-to-one basis and tendered to the Issuer in exchange for shares of A-Common (or cash, at the Issuer's election).

F6 · derivative.expiration_date: Not applicable.

F5 · derivative.underlying_shares: Represents shares paired with LLC Interests on a one-to-one basis by GEI VI and Malted and exchanged for shares of A-Common. Of the shares of reported in this row, 292,131 were issued to GEI VI, and 21,867 were issued to Malted.

F7 · balance_after: Represents shares of B-Common owned by GEI VI and Malted. Of the shares of B-Common reported on this row, 2,485,837 are owned by GEI VI and 186,067 are owned by Malted.

F3 · 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: 0001209191-16-147548 · 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: 2,622,980

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, par value $0.001 per share ("A-Common") issued to Green Equity Investors VI, L.P. ("GEI VI") and LGP Malted Coinvest LLC ("Malted"). The shares were issued in exchange for an equivalent number of shares of Class B common stock, par value $0.001 per share ("B-Common") of the Issuer and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC, pursuant to the exchange right described in note 4 to this Form 4. Of the newly-issued shares of A-Common reported in this row, 292,131 were issued to GEI VI, and 21,867 were issued to Malted.

F2 · balance_after: Represents shares owned by GEI VI, Green Equity Investors Side VI, L.P. ("GEI Side VI"), and Malted. Of the shares of A-Common reported, 686,664 are owned by GEI VI, 1,890,822 are owned by GEI Side VI, and 45,494 are owned by Malted.

F3 · 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: 0001209191-16-147549 · doc4.xml · derivative · 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 LP · CIK 0001175523 · Director · 10% owner

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 186,067

Underlying: Class A Common Stock · 21,867 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.

F9 · derivative.exercise_price: Pursuant to the terms of the Amended and Restated Certificate of Incorporation of the Issuer, shares of B-Common can be paired with LLC Interests on a one-to-one basis and tendered to the Issuer in exchange for shares of A-Common (or cash, at the Issuer's election).

F12 · shares: Represents shares paired with LLC Interests on a one-to-one basis by Malted and exchanged for shares of A-Common.

F11 · price: Not applicable.

F9 · derivative.exercise_date: Pursuant to the terms of the Amended and Restated Certificate of Incorporation of the Issuer, shares of B-Common can be paired with LLC Interests on a one-to-one basis and tendered to the Issuer in exchange for shares of A-Common (or cash, at the Issuer's election).

F11 · derivative.expiration_date: Not applicable.

F9 · derivative.underlying_shares: Pursuant to the terms of the Amended and Restated Certificate of Incorporation of the Issuer, shares of B-Common can be paired with LLC Interests on a one-to-one basis and tendered to the Issuer in exchange for shares of A-Common (or cash, at the Issuer's election).

F3 · balance_after: 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.

F4 · balance_after: 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 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.

F7 · balance_after: Represents shares owned by Malted.

F8 · balance_after: 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: 0001209191-16-147549 · doc4.xml · derivative · 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 LP · CIK 0001175523 · Director · 10% owner

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 2,485,837

Underlying: Class A Common Stock · 292,131 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.

F9 · derivative.exercise_price: Pursuant to the terms of the Amended and Restated Certificate of Incorporation of the Issuer, shares of B-Common can be paired with LLC Interests on a one-to-one basis and tendered to the Issuer in exchange for shares of A-Common (or cash, at the Issuer's election).

F10 · shares: Represents shares paired with LLC Interests on a one-to-one basis by GEI VI and exchanged for shares of A-Common.

F11 · price: Not applicable.

F9 · derivative.exercise_date: Pursuant to the terms of the Amended and Restated Certificate of Incorporation of the Issuer, shares of B-Common can be paired with LLC Interests on a one-to-one basis and tendered to the Issuer in exchange for shares of A-Common (or cash, at the Issuer's election).

F11 · derivative.expiration_date: Not applicable.

F9 · derivative.underlying_shares: Pursuant to the terms of the Amended and Restated Certificate of Incorporation of the Issuer, shares of B-Common can be paired with LLC Interests on a one-to-one basis and tendered to the Issuer in exchange for shares of A-Common (or cash, at the Issuer's election).

F2 · balance_after: Represents shares owned by GEI VI.

F3 · balance_after: 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.

F4 · balance_after: 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 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.

F5 · balance_after: 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: 0001209191-16-147549 · 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 LP · CIK 0001175523 · Director · 10% owner

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 45,494

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.

F6 · shares: Represents shares of A-Common issued to Malted. The shares reported on this row were issued to Malted in exchange for an equivalent number of shares of B-Common and LLC Interests tendered to the Issuer pursuant to the exchange right described in note 16 to this Form 4.

F7 · balance_after: Represents shares owned by Malted.

F3 · 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.

F4 · 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 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.

F8 · 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: 0001209191-16-147549 · 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 LP · CIK 0001175523 · Director · 10% owner

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

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

LGP Malted Coinvest LLC · CIK 0001568925 · 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: 686,664

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, par value $0.001 per share ("A-Common") of the Issuer issued to Green Equity Investors VI, L.P. ("GEI VI"). The shares were issued in exchange for an equivalent number of shares of Class B common stock, par value $0.001 per share ("B-Common") of the Issuer and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC, tendered to the Issuer pursuant to the exchange right described in note 9 to this Form 4.

F2 · balance_after: Represents shares owned by GEI VI.

F3 · 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.

F4 · 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 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.

F5 · 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: 0000846623-16-000025 · primary_doc.xml · nonDerivative · entry 2

SLOATE LAURA J · CIK 0000846623 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,500

SEC source: 0000846623-16-000025 · primary_doc.xml · nonDerivative · entry 1

SLOATE LAURA J · CIK 0000846623 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,000

SEC source: 0000846623-16-000024 · primary_doc.xml · nonDerivative · entry 3

SLOATE LAURA J · CIK 0000846623 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,500

SEC source: 0000846623-16-000024 · primary_doc.xml · nonDerivative · entry 2

SLOATE LAURA J · CIK 0000846623 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,500

SEC source: 0001620533-16-000270 · wf-form4_147501107188402.xml · derivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 749,051

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 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 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 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: 0001620533-16-000270 · wf-form4_147501107188402.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 749,051

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-for-one basis upon redemption of the LLC Interests for shares of Class A Stock.

F6 · balance_after: Represents shares of Class B Stock held by the Reporting Person.

SEC source: 0001620533-16-000270 · wf-form4_147501107188402.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,100

F2 · shares: Shares of Class A Stock were disposed of by the Reporting Person pursuant to 10b5-1 trading plan entered into on August 23, 2016.

F3 · price: The transaction was executed in multiple trades at prices ranging from $35.0800 to $35.5200. 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: 0001620533-16-000270 · wf-form4_147501107188402.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: 11,100

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 · price: Shares obtained upon redemption of common membership interests in SSE Holdings, LLC (the "LLC Interests") for an equal number of shares of Class A common stock ("Class A Stock") of Shake Shack Inc. (the "Issuer").

SEC source: 0000846623-16-000024 · primary_doc.xml · nonDerivative · entry 1

SLOATE LAURA J · CIK 0000846623 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,000

SEC source: 0000846623-16-000023 · primary_doc.xml · derivative · entry 3

SLOATE LAURA J · CIK 0000846623 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 225,074

Underlying: Class A Common Stock · 25,000 shares

Expires not disclosed

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

F1 · derivative.exercise_price: Upon the reclassification of the Reporting Person's membership interests in SSE Holdings, LLC ("LLC Interests") in connection with the Issuer's IPO in February 2015, the LLC Interests became convertible into an equal number of shares of Class A Common Stock on a one-for-one basis, or at the election of the issuer, redeemable for cash equal to the volume-weighted average market price of such Class A shares.

F1 · price: Upon the reclassification of the Reporting Person's membership interests in SSE Holdings, LLC ("LLC Interests") in connection with the Issuer's IPO in February 2015, the LLC Interests became convertible into an equal number of shares of Class A Common Stock on a one-for-one basis, or at the election of the issuer, redeemable for cash equal to the volume-weighted average market price of such Class A shares.

F3 · derivative.exercise_date: The LLC Interests may be converted or redeemed at any time and have no expiration date.

F3 · derivative.expiration_date: The LLC Interests may be converted or redeemed at any time and have no expiration date.

SEC source: 0000846623-16-000023 · primary_doc.xml · nonDerivative · entry 2

SLOATE LAURA J · CIK 0000846623 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 225,074

F2 · kind: Upon the reclassification of the Reporting Person's LLC Interests described above, the Reporting Person was issued one share of Class B Common Stock for each LLC Interest. One share of Class B Common Stock must be surrendered and canceled upon conversion or redemption of each LLC Interest. Effective September 15, 2016, the Reporting Person converted LLC Interests into shares of Class A Common Stock, and an equal number of shares of Class B Common stock were surrendered and cancelled for no consideration.

F2 · price: Upon the reclassification of the Reporting Person's LLC Interests described above, the Reporting Person was issued one share of Class B Common Stock for each LLC Interest. One share of Class B Common Stock must be surrendered and canceled upon conversion or redemption of each LLC Interest. Effective September 15, 2016, the Reporting Person converted LLC Interests into shares of Class A Common Stock, and an equal number of shares of Class B Common stock were surrendered and cancelled for no consideration.

SEC source: 0000846623-16-000023 · primary_doc.xml · nonDerivative · entry 1

SLOATE LAURA J · CIK 0000846623 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,500

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 · price: Upon the reclassification of the Reporting Person's membership interests in SSE Holdings, LLC ("LLC Interests") in connection with the Issuer's IPO in February 2015, the LLC Interests became convertible into an equal number of shares of Class A Common Stock on a one-for-one basis, or at the election of the issuer, redeemable for cash equal to the volume-weighted average market price of such Class A shares.

SEC source: 0001140361-16-079844 · doc1.xml · nonDerivative · entry 9

Select Equity Group, L.P. · CIK 0001592643 · Director · See Remarks

SEG PARTNERS L P · CIK 0001060793 · Director · See Remarks

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · Director · See Remarks

SEG PARTNERS II L P · CIK 0001215218 · Director · See Remarks

Loening George S · CIK 0001632169 · Director · See Remarks

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 205,036

F1 · ownership.nature: See Exhibit 99.1.

F4 · ownership.nature: See Exhibit 99.1.

SEC source: 0001140361-16-079844 · doc1.xml · nonDerivative · entry 8

Select Equity Group, L.P. · CIK 0001592643 · Director · See Remarks

SEG PARTNERS L P · CIK 0001060793 · Director · See Remarks

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · Director · See Remarks

SEG PARTNERS II L P · CIK 0001215218 · Director · See Remarks

Loening George S · CIK 0001632169 · Director · See Remarks

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 627,306

F1 · ownership.nature: See Exhibit 99.1.

F3 · ownership.nature: See Exhibit 99.1.

SEC source: 0001140361-16-079844 · doc1.xml · nonDerivative · entry 7

Select Equity Group, L.P. · CIK 0001592643 · Director · See Remarks

SEG PARTNERS L P · CIK 0001060793 · Director · See Remarks

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · Director · See Remarks

SEG PARTNERS II L P · CIK 0001215218 · Director · See Remarks

Loening George S · CIK 0001632169 · Director · See Remarks

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 52,774

F1 · ownership.nature: See Exhibit 99.1.

F2 · ownership.nature: See Exhibit 99.1.

SEC source: 0001620533-16-000268 · wf-form4_147397511636198.xml · nonDerivative · entry 1

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

GULF FIVE LLC · CIK 0001633992 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY LLC

Disclosed balance after: 38,191

F1 · price: The transaction was executed in multiple trades at prices ranging from $34.5000 to $34.5600. 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, 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 Gulf Five LLC. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001140361-16-079844 · doc1.xml · nonDerivative · entry 6

Select Equity Group, L.P. · CIK 0001592643 · Director · See Remarks

SEG PARTNERS L P · CIK 0001060793 · Director · See Remarks

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · Director · See Remarks

SEG PARTNERS II L P · CIK 0001215218 · Director · See Remarks

Loening George S · CIK 0001632169 · Director · See Remarks

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 209,306

F1 · ownership.nature: See Exhibit 99.1.

F4 · ownership.nature: See Exhibit 99.1.

SEC source: 0001140361-16-079844 · doc1.xml · nonDerivative · entry 5

Select Equity Group, L.P. · CIK 0001592643 · Director · See Remarks

SEG PARTNERS L P · CIK 0001060793 · Director · See Remarks

SEG Partners Offshore Master Fund, Ltd. · CIK 0001632171 · Director · See Remarks

SEG PARTNERS II L P · CIK 0001215218 · Director · See Remarks

Loening George S · CIK 0001632169 · Director · See Remarks

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

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 633,866

F1 · ownership.nature: See Exhibit 99.1.

F3 · ownership.nature: See Exhibit 99.1.