X0306 4 2016-03-08 0 0001620533 Shake Shack Inc. SHAK 0001633730 ACG SHACK LLC C/O SHAKE SHACK INC. 24 UNION SQUARE EAST, 5TH FLOOR NEW YORK NY 10003 0 0 1 0 CLASS A COMMON STOCK 2016-03-08 4 J 0 250000 A 250000 D CLASS A COMMON STOCK 2016-03-09 4 S 0 50000 35.91 D 200000 D CLASS A COMMON STOCK 2016-03-10 4 S 0 50000 35.27 D 150000 D CLASS A COMMON STOCK 2016-03-11 4 S 0 50000 34.85 D 100000 D Common Membership Interests 2016-03-08 4 C 0 250000 D CLASS B COMMON STOCK 250000 468500 D CLASS B COMMON STOCK 2016-03-08 4 J 0 250000 A CLASS A COMMON STOCK 250000 250000 D CLASS B COMMON STOCK 2016-03-08 4 J 0 250000 D CLASS A COMMON STOCK 250000 0 D Shares obtained upon redemption of common membership interests in SSE Holdings. LLC (the "LLC interests") for an equal number of shares of the Issuer's Class B Common Stock, which are convertible into an equal number of the Issuer's Class A Common Stock, as explained in note 2 below. Pursuant to the Amended and Restated Certificate of Incorporation of the issuer, the shares of the Issuer's Class B Common Stock are cancelled for no consideration on a one-for-one basis upon redemption of the LLC interests for shares of Class A Common Stock. The LLC Interests are redeemable for an equal number of shares of the issuer's Class B Common Stock or, at the election of the issuer, cash equal to the volume-weighted average market price of such shares. The LLC Interests have no expiration date. /s/ Joshua N. Goldin. Managing Member 2016-03-11