X0306 4 2016-09-26 0 0001620533 Shake Shack Inc. SHAK 0000846623 SLOATE LAURA J 35 EAST 75TH STREET NEW YORK NY 10021 0 0 1 0 Class A Common Stock 2016-09-26 4 S 0 2500 35.5126 D 20000 D Class A Common Stock 2016-09-27 4 S 0 2500 35.5 D 17500 D Class B Common Stock 225074 D Common Membership Interests Class A Common Stock 225074 225074 D Upon the reclassification of the Reporting Person's LLC Interests in connection with the Issuer's IPO in February 2015, the Reporting Person was issued one share of Class B Common Stock for each LLC Interest. One share of Class B Common Stock must be surrendered and canceled upon conversion or redemption of each LLC Interest for Class A Common Stock, as described in fn. 2. In connection with the Issuer's IPO, the Reporting Person's membership interests in SSE Holdings, LLC (the "LLC Interests") became convertible into an equal number of shares of Class A Common Stock on a one-for-one basis, or at the election of the issuer, redeemable for cash equal to the volume-weighted average market price of such Class A shares. Surrender of one share of Class B Common Stock is required for each LLC Interest redeemed, as described in fn. 1. The LLC Interests may be converted or redeemed at any time and have no expiration date. s/ Miriam Tauber (by POA) 2016-09-28