Shake Shack Inc. — Director's Dealing 2016

May 27, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shake Shack Inc. (SHAK)
CIK: 0001620533
Period of Report: 2016-05-25

Reporting Person: Select Equity Group, L.P. (Director, See Remarks)
Reporting Person: SEG PARTNERS L P (Director, See Remarks)
Reporting Person: SEG Partners Offshore Master Fund, Ltd. (Director, See Remarks)
Reporting Person: SEG PARTNERS II L P (Director, See Remarks)
Reporting Person: Loening George S (Director, See Remarks)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-25	Class A Common Stock, par value $0.001 per share	S	4495	$35.0011	Disposed	88158	Indirect
2016-05-25	Class A Common Stock, par value $0.001 per share	S	27855	$35.0011	Disposed	1402918	Indirect
2016-05-25	Class A Common Stock, par value $0.001 per share	S	17650	$35.0011	Disposed	421074	Indirect
2016-05-25	Class A Common Stock, par value $0.001 per share	C	55000	—	Acquired	143158	Indirect
2016-05-25	Class B Common Stock, par value $0.001 per share	J	55000	—	Disposed	83127	Indirect
2016-05-25	Class A Common Stock, par value $0.001 per share	C	140000	—	Acquired	561074	Indirect
2016-05-25	Class B Common Stock, par value $0.001 per share	J	140000	—	Disposed	327658	Indirect
2016-05-26	Class A Common Stock, par value $0.001 per share	S	4495	$36.7524	Disposed	138663	Indirect
2016-05-26	Class A Common Stock, par value $0.001 per share	S	27855	$36.7524	Disposed	1375063	Indirect
2016-05-26	Class A Common Stock, par value $0.001 per share	S	17650	$36.7524	Disposed	543424	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-25	Common Membership Interests	$0	C	55000	Disposed		Class A Common Stock, par value $0.001 per share (55000)	Indirect
2016-05-25	Common Membership Interests	$0	C	140000	Disposed		Class A Common Stock, par value $0.001 per share (140000)	Indirect

Footnotes

F1: See Exhibit 99.1.

F2: See Exhibit 99.1.

F3: See Exhibit 99.1.

F4: See Exhibit 99.1.

F5: See Exhibit 99.1.

F6: See Exhibit 99.1.

F7: See Exhibit 99.1.

F8: See Exhibit 99.1.

F9: See Exhibit 99.1.

F10: See Exhibit 99.1.