Shake Shack Inc. — Director's Dealing 2017

May 16, 2017

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Shake Shack Inc. (SHAK)
CIK: 0001620533
Period of Report: 2017-05-11

Reporting Person: Flug 2015 GS Trust U/A/D 12/29/15 (10% Owner)
Reporting Person: Gulf Five Fiduciary Management Corp (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
CLASS A COMMON STOCK	100000	Direct
CLASS B COMMON STOCK	722574	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Membership Interests	$		CLASS A COMMON STOCK (722574.0)		Direct

Footnotes

F1: Represents shares of Class A Common Stock ("Class A Stock") of Shake Shack Inc. (the "Issuer") held by Reporting Person.

F2: Represents shares of Class B Common Stock ("Class B Stock") of the Issuer held Reporting Person.

F3: The common membership interest in SSE Holdings, LLC (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 prices of such shares. The LLC Interests have no expiration date.

F4: Represents LLC Interests held by Reporting Person.