X0306 4 2018-05-09 0 0001620533 Shake Shack Inc. SHAK 0001531051 Green Equity Investors VI, L.P. 11111 SANTA MONICA BOULEVARD SUITE 2000 LOS ANGELES CA 90025 1 0 1 0 Class A Common Stock 2018-05-09 4 S 0 112337 58.85 D 263600 D Class A Common Stock 2018-05-09 4 S 0 8200 58.85 D 19240 D Class A Common Stock 2018-05-09 4 S 0 66953 58.85 D 1458600 D Class A Common Stock 2018-05-09 4 S 0 7495 59.41 D 256105 D Class A Common Stock 2018-05-09 4 S 0 547 59.41 D 18693 D Class A Common Stock 2018-05-09 4 S 0 4468 59.41 D 1454132 D Class A Common Stock 2018-05-10 4 S 0 28136 58.24 D 227969 D Class A Common Stock 2018-05-10 4 S 0 2054 58.24 D 16639 D Class A Common Stock 2018-05-10 4 S 0 16770 58.24 D 1437362 D Class A Common Stock 2018-05-10 4 S 0 151612 58.97 D 76357 D Class A Common Stock 2018-05-10 4 S 0 11066 58.97 D 5573 D Class A Common Stock 2018-05-10 4 S 0 90362 58.97 D 1347000 D Class A Common Stock 2018-05-11 4 S 0 76357 58.59 D 0 D Class A Common Stock 2018-05-11 4 S 0 5573 58.59 D 0 D Class A Common Stock 2018-05-11 4 S 0 45510 58.59 D 1301490 D Class A Common Stock 642 I See footnote Class B Common Stock Class A Common Stock 2183698 D Class B Common Stock Class A Common Stock 159389 D Employee Stock Option (right to buy) 34.62 2017-05-19 2026-05-19 Class A Common Stock 2003 10254 I See footnote Employee Stock Option (right to buy) 21.00 2016-01-29 2025-01-29 Class A Common Stock 8251 10254 I See footnote Represents shares of Class A common stock, par value $0.001 per share ("A-Common") of the Issuer sold by Green Equity Investors VI, L.P. ("GEI VI"). This transaction was executed in multiple trades at prices ranging from $58.34 to $59.335. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected. Represents shares owned by GEI VI. GEI Capital VI, LLC ("Capital") is the general partner of GEI VI and Green Equity Investors Side VI, L.P. ("GEI Side VI"). Green VI Holdings, LLC ("Holdings") is a limited partner of GEI VI. Leonard Green & Partners, L.P. ("LGP") is the management company of GEI VI and GEI Side VI, and an affiliate of Capital and Holdings. Peridot Coinvest Manager LLC ("Peridot") is the management company of LGP Malted Coinvest LLC ("Malted"), and an affiliate of Capital and Holdings. LGP Management, Inc. ("LGPM") is the general partner of LGP. Each of GEI VI, GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings, directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of some or all of the A-Common owned by GEI VI, GEI Side VI, or Malted, or the shares of Class B Common Stock, par value $0.001 per share ("B-Common") and limited liability company interests (the "LLC Interests") of SSE Holdings, LLC owned by GEI VI and Malted (collectively, the "Equity Interests") and, therefore, a "ten percent holder" hereunder. Each of GEI Side VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes. Represents shares sold by Malted. Represents shares owned by Malted. Each of GEI VI, GEI Side VI, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to Malted, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes. Represents shares sold by GEI Side VI. Represents shares owned by GEI Side VI. Each of GEI VI, Malted, Peridot, LGP, LGPM, Capital, and Holdings disclaims beneficial ownership of the Equity Interests reported on this row, except to the extent of its pecuniary interest therein, and, with respect to GEI Side VI, except to the extent of its direct ownership reported herein, and this report shall not otherwise be deemed an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 or for any other purposes. This transaction was executed in multiple trades at prices ranging from $59.34 to $59.50. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected. This transaction was executed in multiple trades at prices ranging from $57.49 to $58.485. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected. This transaction was executed in multiple trades at prices ranging from $58.49 to $59.15. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected. This transaction was executed in multiple trades at prices ranging from $58.19 to $58.87. The price reported above reflects the weighted average sale price. The Reporting Persons hereby undertake to provide upon request to the SEC staff, the Issuer, or a security holder of the Issuer full information regarding the number of Shares and prices at which the trades were effected. Represents shares of A-Common of the Issuer underlying restricted stock units awarded to Mr. Jonathan D. Sokoloff, pursuant to the Issuer's 2015 Incentive Award Plan, as amended, and the Issuer's Non-Employee Director Compensation Policy on June 12, 2017. The restricted stock units represent the right to receive shares of A-Common and vest on June 12, 2018, subject to Mr. Sokoloff's continued service with the Issuer. Represents shares owned by Mr. Sokoloff. Pursuant to the terms of the Amended and Restated Certificate of Incorporation of the Issuer, shares of B-Common can be paired with LLC Interests on a one-to-one basis and tendered to the Issuer in exchange for shares of A-Common (or cash, at the Issuer's election). Not applicable. These options vested on May 19, 2017. Represents options granted in respect of Mr. Sokoloff's service on the Issuer's board of directors. Of the 10,254 options reported, 8,251 vested on January 29, 2016 and 2,003 vested on May 19, 2017. The options reported on this row were granted in respect of Mr. Sokoloff's service on the Issuer's board of directors and are held by Mr. Sokoloff for the benefit of LGP. LGP directly (whether through ownership or position), or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of such options. These options vested on January 29, 2016. Mr. Jonathan D. Sokoloff is a member of the board of directors of the Issuer, and he is also an indirect limited partner of LGP, which is an affiliate of LGPM, Peridot, Capital, Holdings, GEI VI, GEI Side VI, and Malted (the "LGP Entities"). Accordingly, Mr. Sokoloff may be determined to represent the interests of the LGP Entities on the board of directors of the Issuer, and accordingly, the LGP Entities may be deemed to be directors for purposes of Section 16 of the Securities Exchange Act of 1934, as amended. /s/ Andrew C. Goldberg, attorney-in-fact 2018-05-11