Shake Shack Inc. — Director's Dealing 2021

Feb 19, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shake Shack Inc. (SHAK)
CIK: 0001620533
Period of Report: 2021-02-16

Reporting Person: GARUTTI RANDALL J (Director, Chief Executive Officer, 10% Owner)
Reporting Person: GARUTTI MARIA L (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-16	CLASS A COMMON STOCK	M	140000	$21	Acquired	191891	Direct
2021-02-16	CLASS A COMMON STOCK	S	18600	$121.1739	Disposed	173291	Direct
2021-02-16	CLASS A COMMON STOCK	S	45043	$121.9349	Disposed	128248	Direct
2021-02-16	CLASS A COMMON STOCK	S	30346	$122.9646	Disposed	97902	Direct
2021-02-16	CLASS A COMMON STOCK	S	8841	$123.9059	Disposed	89061	Direct
2021-02-16	CLASS A COMMON STOCK	S	9221	$125.118	Disposed	79840	Direct
2021-02-16	CLASS A COMMON STOCK	S	17035	$125.9831	Disposed	62805	Direct
2021-02-16	CLASS A COMMON STOCK	S	8415	$126.9753	Disposed	54390	Direct
2021-02-16	CLASS A COMMON STOCK	S	1299	$128.1914	Disposed	53091	Direct
2021-02-16	CLASS A COMMON STOCK	S	1200	$128.688	Disposed	51891	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-16	Stock Option (Right to Buy)	$21.0	M	140000	Disposed	2025-01-29	CLASS A COMMON STOCK (140000.0)	Direct

Footnotes

F1: The transactions reported on this Form 4 were all effected pursuant to a 10b5-1 trading plan.

F2: The transaction was executed in multiple trades at prices ranging from $120.53 to $121.5299. The price reported above reflects the weighted average sales price.

F3: Each Reporting Person 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.

F4: The transaction was executed in multiple trades at prices ranging from $121.53 to $122.5299. The price reported above reflects the weighted average sales price.

F5: The transaction was executed in multiple trades at prices ranging from $122.53 to $123.5299. The price reported above reflects the weighted average sales price.

F6: The transaction was executed in multiple trades at prices ranging from $123.53 to $124.5299. The price reported above reflects the weighted average sales price.

F7: The transaction was executed in multiple trades at prices ranging from $124.53 to $125.5299. The price reported above reflects the weighted average sales price.

F8: The transaction was executed in multiple trades at prices ranging from $125.53 to $126.5299. The price reported above reflects the weighted average sales price.

F9: The transaction was executed in multiple trades at prices ranging from $126.53 to $127.5299. The price reported above reflects the weighted average sales price.

F10: The transaction was executed in multiple trades at prices ranging from $127.53 to $128.5299. The price reported above reflects the weighted average sales price.

F11: The transaction was executed in multiple trades at prices ranging from $128.53 to $128.81. The price reported above reflects the weighted average sales price.

F12: An option to purchase 685,000 shares of Class A common stock at $21 per share was granted to Mr. Garutti on January 29, 2015. 137,000 options vested on each of January 29, 2016, January 29, 2017, January 29, 2018, January 29, 2019, and January 29, 2020.