SHAK

SEC source: 0001620533-20-000123 · wf-form4_160738604991380.xml · nonDerivative · entry 2

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 54,293

F2 · acquired: The transaction was executed in multiple trades at prices ranging from $85.10 to $86.0999. The price reported above reflects the weighted average sales price.

F3 · acquired: 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.

SEC source: 0001620533-20-000123 · wf-form4_160738604991380.xml · nonDerivative · entry 1

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 76,891

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

F1 · kind: The transactions reported on this Form 4 were all effected pursuant to a 10b5-1 trading plan entered into on September 16, 2020.

SEC source: 0001620533-20-000121 · wf-form4_160703788735628.xml · nonDerivative · entry 3

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 785,996

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F5 · shares: The transaction was executed in multiple trades at prices ranging from $82.04 to $82.52. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000121 · wf-form4_160703788735628.xml · nonDerivative · entry 2

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 789,196

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") 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 · shares: The transaction was executed in multiple trades at prices ranging from $81.04 to $82.0399. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000121 · wf-form4_160703788735628.xml · nonDerivative · entry 1

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 841,320

F1 · shares: The transaction was executed in multiple trades at prices ranging from $80.04 to $81.0399. The price reported above reflects the weighted average sales price.

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") 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: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000119 · wf-form4_160573826838485.xml · derivative · entry 9

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 360,000

Underlying: CLASS A COMMON STOCK · 7,593 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.

F8 · derivative.exercise_date: An option to purchase 685,000 shares of Class A common stock at $21 per share was granted to Mr. Garutti on January 29, 2015. 137,000 options vested on each of January 29, 2016, January 29, 2017, January 29, 2018, January 29, 2019 and January 29, 2020.

SEC source: 0001620533-20-000119 · wf-form4_160573826838485.xml · nonDerivative · entry 7

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,891

F3 · 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.

F7 · price: The transaction was executed in multiple trades at prices ranging from $80.00 to $80.57. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-20-000119 · wf-form4_160573826838485.xml · nonDerivative · entry 6

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59,484

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

SEC source: 0001620533-20-000119 · wf-form4_160573826838485.xml · derivative · entry 8

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 367,593

Underlying: CLASS A COMMON STOCK · 67,407 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.

F8 · derivative.exercise_date: An option to purchase 685,000 shares of Class A common stock at $21 per share was granted to Mr. Garutti on January 29, 2015. 137,000 options vested on each of January 29, 2016, January 29, 2017, January 29, 2018, January 29, 2019 and January 29, 2020.

SEC source: 0001620533-20-000119 · wf-form4_160573826838485.xml · nonDerivative · entry 5

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,891

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

F6 · price: The transaction was executed in multiple trades at prices ranging from $81.02 to $81.10. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-20-000119 · wf-form4_160573826838485.xml · nonDerivative · entry 4

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 54,991

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

F5 · price: The transaction was executed in multiple trades at prices ranging from $80.02 to $81.0199. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-20-000119 · wf-form4_160573826838485.xml · nonDerivative · entry 3

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 58,399

F3 · 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 $79.02 to $80.0199. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-20-000119 · wf-form4_160573826838485.xml · nonDerivative · entry 2

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 95,166

F2 · price: The transaction was executed in multiple trades at prices ranging from $78.02 to $79.0199. The price reported above reflects the weighted average sales price.

F3 · 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.

SEC source: 0001620533-20-000119 · wf-form4_160573826838485.xml · nonDerivative · entry 1

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 119,298

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

F1 · kind: The transactions reported on this Form 4 were all effected pursuant to a 10b5-1 trading plan entered into on September 16, 2020.

SEC source: 0001620533-20-000117 · wf-form4_160521536191437.xml · nonDerivative · entry 8

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 910,996

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") 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.

F10 · shares: The transaction was executed in multiple trades at prices ranging from $86.26 to $86.50. The price reported above reflects the weighted average sales price.

F11 · balance_after: Includes 379 shares of Class A Stock of the Issuer transferred from Mr. Meyer to the Investment Trust after the lapse of restrictions on prior restricted stock unit grants. The transfer reflects no change in beneficial ownership or pecuniary interest and is exempt under Rule 16a-13.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000117 · wf-form4_160521536191437.xml · nonDerivative · entry 7

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 910,817

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") 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.

F9 · shares: The transaction was executed in multiple trades at prices ranging from $85.26 to $86.2599. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000117 · wf-form4_160521536191437.xml · nonDerivative · entry 6

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 912,092

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") 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.

F8 · shares: The transaction was executed in multiple trades at prices ranging from $84.26 to $85.2599. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000117 · wf-form4_160521536191437.xml · nonDerivative · entry 5

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 913,414

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") 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.

F7 · shares: The transaction was executed in multiple trades at prices ranging from $83.26 to $84.2599. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000117 · wf-form4_160521536191437.xml · nonDerivative · entry 4

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 921,891

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F6 · shares: The transaction was executed in multiple trades at prices ranging from $82.26 to $83.2599. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000117 · wf-form4_160521536191437.xml · nonDerivative · entry 3

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 932,358

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F5 · shares: The transaction was executed in multiple trades at prices ranging from $81.26 to $82.2599. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000117 · wf-form4_160521536191437.xml · nonDerivative · entry 2

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 934,917

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") 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 · shares: The transaction was executed in multiple trades at prices ranging from $80.26 to $81.2599. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000117 · wf-form4_160521536191437.xml · nonDerivative · entry 1

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 935,317

F1 · shares: The transaction was executed in multiple trades at prices ranging from $79.26 to $80.2599. The price reported above reflects the weighted average sales price.

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") 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: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000115 · wf-form4_160521520067897.xml · derivative · entry 9

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 435,000

Underlying: CLASS A COMMON STOCK · 41,404 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.

F10 · derivative.exercise_date: An option to purchase 685,000 shares of Class A common stock at $21 per share was granted to Mr. Garutti on January 29, 2015. 137,000 options vested on each of January 29, 2016, January 29, 2017, January 29, 2018, January 29, 2019 and January 29, 2020.

SEC source: 0001620533-20-000115 · wf-form4_160521520067897.xml · nonDerivative · entry 8

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,891

F3 · 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.

F9 · price: The transaction was executed in multiple trades at prices ranging from $85.26 to $85.99. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-20-000115 · wf-form4_160521520067897.xml · nonDerivative · entry 7

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 73,466

F3 · 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.

F8 · price: The transaction was executed in multiple trades at prices ranging from $84.26 to $85.2599. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-20-000115 · wf-form4_160521520067897.xml · nonDerivative · entry 6

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 76,991

F3 · 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.

F7 · price: The transaction was executed in multiple trades at prices ranging from $83.26 to $84.2599. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-20-000115 · wf-form4_160521520067897.xml · nonDerivative · entry 5

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 77,291

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

F6 · price: The transaction was executed in multiple trades at prices ranging from $82.26 to $83.2599. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-20-000115 · wf-form4_160521520067897.xml · nonDerivative · entry 4

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 82,700

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

F5 · price: The transaction was executed in multiple trades at prices ranging from $81.26 to $82.2599. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-20-000115 · wf-form4_160521520067897.xml · nonDerivative · entry 3

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 87,800

F3 · 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 $80.26 to $81.2599. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-20-000115 · wf-form4_160521520067897.xml · nonDerivative · entry 2

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 92,200

F2 · price: The transaction was executed in multiple trades at prices ranging from $79.26 to $80.2599. The price reported above reflects the weighted average sales price.

F3 · 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.

SEC source: 0001620533-20-000115 · wf-form4_160521520067897.xml · nonDerivative · entry 1

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

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 93,295

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

F1 · kind: The transactions reported on this Form 4 were all effected pursuant to a 10b5-1 trading plan entered into on September 16, 2020.

SEC source: 0001620533-20-000113 · wf-form4_160469812312775.xml · nonDerivative · entry 1

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 935,617

F1 · kind: The transaction was executed in multiple trades at prices ranging from $70.0000 to $70.4600. The price reported above reflects the weighted average sales price.

F2 · kind: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 (the "Investment Trust") 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: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000111 · wf-form4_160453380487914.xml · nonDerivative · entry 4

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 960,617

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F6 · shares: The transaction was executed in multiple trades at prices ranging from $67.1400 to $67.7000. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000111 · wf-form4_160453380487914.xml · nonDerivative · entry 3

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 963,359

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 hereby undertakes to provide upon request to the SEC staff, Shake Shack Inc. (the "Issuer") or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

F5 · shares: The transaction was executed in multiple trades at prices ranging from $66.1400 to $67.1399. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000111 · wf-form4_160453380487914.xml · nonDerivative · entry 2

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 964,735

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 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 · shares: The transaction was executed in multiple trades at prices ranging from $65.1400 to $66.1399. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000111 · wf-form4_160453380487914.xml · nonDerivative · entry 1

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 996,008

F1 · shares: The transaction was executed in multiple trades at prices ranging from $64.1400 to $65.1399. The price reported above reflects the weighted average sales price.

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 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: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000099 · wf-form4_160392230236828.xml · nonDerivative · entry 3

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

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

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

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

F6 · price: The transaction was executed in multiple trades at prices ranging from $71.21 to $72.20. The price reported above reflects the weighted average sales price.

F3 · ownership.nature: Represents 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 shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-20-000099 · wf-form4_160392230236828.xml · nonDerivative · entry 2

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

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

Flug 2015 GS Trust U/A/D 12/29/15 · CIK 0001706704 · 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: 13,206

F4 · price: The transaction was executed in multiple trades at prices ranging from $70.21 to $71.20. The price reported above reflects the weighted average sales price.

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

F3 · ownership.nature: Represents 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 shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-20-000099 · wf-form4_160392230236828.xml · derivative · entry 6

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 0

Underlying: CLASS A COMMON STOCK · 50,000 shares

Expires not disclosed

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

F9 · 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.

F9 · 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.

F9 · 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.

F10 · 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: 0001620533-20-000099 · wf-form4_160392230236828.xml · nonDerivative · entry 4

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

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

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

F7 · price: Pursuant to the Amended and Restated Certificate of Incorporation of the Issuer, the shares of the Issuer's Class B Common Stock ("Class B Stock") are cancelled for no consideration on a one-for-one basis upon redemption of the LLC Interests for shares of Class A Stock of the Issuer.

F8 · ownership.nature: Represents shares of Class B Stock of the Issuer 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: 0001620533-20-000099 · wf-form4_160392230236828.xml · nonDerivative · entry 1

Flug Jeffrey · CIK 0001396917 · Director · 10% owner

FLUG SHERYL H · CIK 0001633964 · 10% owner

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

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

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 50,000

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

F1 · kind: The transactions reported on this Form 4 were all effected pursuant to a 10b5-1 trading plan entered into on September 16, 2020.

F2 · 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").

F2 · 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").

F3 · ownership.nature: Represents 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 shares except to the extent of such Reporting Person's pecuniary interest therein.

SEC source: 0001620533-20-000096 · wf-form4_160384138203852.xml · nonDerivative · entry 1

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 1,035,617

F1 · shares: The transaction was executed in multiple trades at prices ranging from $75.0000 to $75.3300. The price reported above reflects the weighted average sales price.

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 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: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

SEC source: 0001620533-20-000094 · wf-form4_160384079578438.xml · derivative · entry 3

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 476,404

Underlying: CLASS A COMMON STOCK · 13,596 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.

F1 · kind: The transactions reported on this Form 4 were all effected pursuant to a 10b5-1 trading plan entered into on September 16, 2020.

F4 · derivative.exercise_date: An option to purchase 685,000 shares of Class A Stock at $21 per share was granted to Mr. Garutti on January 29, 2015. 137,000 options vested on each of January 29, 2016, January 29, 2017, January 29, 2018, January 29, 2019, and January 29, 2020.

SEC source: 0001620533-20-000094 · wf-form4_160384079578438.xml · nonDerivative · entry 2

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,891

F2 · price: The transaction was executed in multiple trades at prices ranging from $75.0000 to $75.3300. The price reported above reflects the weighted average sales price.

F3 · 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.

SEC source: 0001620533-20-000094 · wf-form4_160384079578438.xml · nonDerivative · entry 1

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 65,487

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

F1 · kind: The transactions reported on this Form 4 were all effected pursuant to a 10b5-1 trading plan entered into on September 16, 2020.

SEC source: 0001620533-20-000092 · wf-form4_160314570494093.xml · derivative · entry 4

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 490,000

Underlying: CLASS A COMMON STOCK · 45,000 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.

F5 · derivative.exercise_date: An option to purchase 685,000 shares of Class A common stock at $21 per share was granted to Mr. Garutti on January 29, 2015. 137,000 options vested on each of January 29, 2016, January 29, 2017, January 29, 2018, January 29, 2019, and January 29, 2020.

SEC source: 0001620533-20-000092 · wf-form4_160314570494093.xml · nonDerivative · entry 3

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 51,891

F3 · 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 $70.6200 to $71.0300. The price reported above reflects the weighted average sales price.

SEC source: 0001620533-20-000092 · wf-form4_160314570494093.xml · nonDerivative · entry 2

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 58,035

F2 · price: The transaction was executed in multiple trades at prices ranging from $69.6200 to $70.6199. The price reported above reflects the weighted average sales price.

F3 · 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.

SEC source: 0001620533-20-000092 · wf-form4_160314570494093.xml · nonDerivative · entry 1

GARUTTI RANDALL J · CIK 0001632017 · Director · Chief Executive Officer

GARUTTI MARIA L · CIK 0001633960 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 96,891

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

F1 · kind: The transactions reported on this Form 4 were all effected pursuant to a 10b5-1 trading plan entered into on September 16, 2020.

SEC source: 0001620533-20-000090 · wf-form4_160262930337362.xml · nonDerivative · entry 1

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

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

MEYER AUDREY H · CIK 0001633830 · 10% owner

McQuinn Michael C · CIK 0001634102 · 10% owner

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

10b5-1 filing: Not disclosed

Ownership: Indirect · BY TRUST

Disclosed balance after: 1,049,732

F1 · shares: The transaction was executed in multiple trades at prices ranging from $70.00 to $70.69. The price reported above reflects the weighted average sales price.

F2 · shares: The Daniel H. Meyer Investment Trust d/t/d 5/15/92 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: Shares of Class A common stock ("Class A Stock") of the Issuer were disposed of by Mr. Meyer through the Investment Trust pursuant to a 10b5-1 trading plan entered into on August 28, 2020. Mr. Meyer is the grantor, trustee and beneficiary of the Investment Trust. Mr. Meyer disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.