Shake Shack Inc. — Director's Dealing 2016

May 12, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shake Shack Inc. (SHAK)
CIK: 0001620533
Period of Report: 2016-05-10

Reporting Person: Select Equity Group, L.P. (Director, See Remarks)
Reporting Person: SEG PARTNERS L P (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
2016-05-10	Class A Common Stock, par value $0.001 per share	C	100000	—	Acquired	111793	Indirect
2016-05-10	Class B Common Stock, par value $0.001 per share	J	100000	—	Disposed	138127	Indirect
2016-05-10	Class A Common Stock, par value $0.001 per share	C	400000	—	Acquired	504078	Indirect
2016-05-10	Class B Common Stock, par value $0.001 per share	J	400000	—	Disposed	467658	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-10	Common Membership Interests	$0	C	100000	Disposed		Class A Common Stock, par value $0.001 per share (100000)	Indirect
2016-05-10	Common Membership Interests	$0	C	400000	Disposed		Class A Common Stock, par value $0.001 per share (400000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock, par value $0.001 per share	1571279	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.