Shake Shack Inc. — Director's Dealing 2016

May 23, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shake Shack Inc. (SHAK)
CIK: 0001620533
Period of Report: 2016-05-19

Reporting Person: Lyons Jenna (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-19	Stock Option (Right to Buy)	$34.62	A	3004	Acquired	2026-05-19	CLASS A COMMON STOCK (3004.0)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Option (Right to Buy)	$21.0	2025-01-29	CLASS A COMMON STOCK (12376.0)	12376	Direct

Footnotes

F1: This option will vest in full on May 19, 2017, subject to the Reporting Person's continued service with Shake Shack Inc.

F2: This option vested in full on January 29, 2016.