Shake Shack Inc. — Director's Dealing 2021

Jan 21, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Shake Shack Inc. (SHAK)
CIK: 0001620533
Period of Report: 2021-01-15

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
2021-01-15	CLASS A COMMON STOCK	M	145000	$21	Acquired	196891	Direct
2021-01-15	CLASS A COMMON STOCK	S	13209	$109.3082	Disposed	183682	Direct
2021-01-15	CLASS A COMMON STOCK	S	21952	$110.3464	Disposed	161730	Direct
2021-01-15	CLASS A COMMON STOCK	S	77394	$111.1644	Disposed	84336	Direct
2021-01-15	CLASS A COMMON STOCK	S	8687	$112.1392	Disposed	75649	Direct
2021-01-15	CLASS A COMMON STOCK	S	13258	$113.2444	Disposed	62391	Direct
2021-01-15	CLASS A COMMON STOCK	S	5089	$114.3794	Disposed	57302	Direct
2021-01-15	CLASS A COMMON STOCK	S	4311	$115.2811	Disposed	52991	Direct
2021-01-15	CLASS A COMMON STOCK	S	1100	$116.2064	Disposed	51891	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-15	Stock Option (Right to Buy)	$21.0	M	145000	Disposed	2025-01-29	CLASS A COMMON STOCK (145000.0)	Direct

Footnotes

F1: The transactions reported on this Form 4 were all effected pursuant to a 10b5-1 trading plan entered into on September 16, 2020.

F2: The transaction was executed in multiple trades at prices ranging from $108.79 to $109.7899. 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 $109.79 to $110.7899. The price reported above reflects the weighted average sales price.

F5: The transaction was executed in multiple trades at prices ranging from $110.79 to $111.7899. The price reported above reflects the weighted average sales price.

F6: The transaction was executed in multiple trades at prices ranging from $111.79 to $112.7899. The price reported above reflects the weighted average sales price.

F7: The transaction was executed in multiple trades at prices ranging from $112.79 to $113.7899. The price reported above reflects the weighted average sales price.

F8: The transaction was executed in multiple trades at prices ranging from $113.79 to $114.7899. The price reported above reflects the weighted average sales price.

F9: The transaction was executed in multiple trades at prices ranging from $114.79 to $115.7899. The price reported above reflects the weighted average sales price.

F10: The transaction was executed in multiple trades at prices ranging from $115.79 to $116.43. The price reported above reflects the weighted average sales price.

F11: 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 20, 2020.