Shake Shack Inc. — Director's Dealing 2020

May 2, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shake Shack Inc. (SHAK)
CIK: 0001620533
Period of Report: 2020-04-29

Reporting Person: Meyer Daniel Harris (Director, 10% Owner)
Reporting Person: DANIEL H. MEYER 2012 GIFT TRUST U/A/D 10/31/12 (10% Owner)
Reporting Person: MEYER AUDREY H (10% Owner)
Reporting Person: McQuinn Michael C (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-04-29	Class A Common Stock, par value $0.001 per share	S	25000	$55.2299	Disposed	1349732	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
CLASS A COMMON STOCK	1305306	Indirect
Class A Common Stock, par value $0.001 per share	380	Direct

Footnotes

F1: The transaction was executed in multiple trades at prices ranging from $55.00 to $55.84. The price reported above reflects the weighted average sales price.

F2: 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: 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 February 26, 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.

F4: Represents shares of Class A Stock of the Issuer held by the Daniel H. Meyer 2012 Gift Trust (the "Gift Trust"), of which Mr. Meyer's spouse is a co-trustee and beneficiary. Mr. McQuinn is a co-trustee. Each Reporting Person disclaims beneficial ownership of such shares except to the extent of such Reporting Persons' pecuniary interest therein.