<SEC-DOCUMENT>0001567619-18-004382.txt : 20181022
<SEC-HEADER>0001567619-18-004382.hdr.sgml : 20181022
<ACCEPTANCE-DATETIME>20181022161042
ACCESSION NUMBER:		0001567619-18-004382
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20181018
FILED AS OF DATE:		20181022
DATE AS OF CHANGE:		20181022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Select Equity Group, L.P.
		CENTRAL INDEX KEY:			0001592643
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36823
		FILM NUMBER:		181132428

	BUSINESS ADDRESS:	
		STREET 1:		380 LAFAYETTE STREET
		STREET 2:		6TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
		BUSINESS PHONE:		212 475-8335

	MAIL ADDRESS:	
		STREET 1:		380 LAFAYETTE STREET
		STREET 2:		6TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SEG PARTNERS L P
		CENTRAL INDEX KEY:			0001060793
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36823
		FILM NUMBER:		181132429

	BUSINESS ADDRESS:	
		STREET 1:		380 LAFAYETTE STREET
		STREET 2:		6TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
		BUSINESS PHONE:		212 475-8335

	MAIL ADDRESS:	
		STREET 1:		380 LAFAYETTE STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SEG PARTNERS II L P
		CENTRAL INDEX KEY:			0001215218
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36823
		FILM NUMBER:		181132430

	BUSINESS ADDRESS:	
		STREET 1:		380 LAFAYETTE ST 6TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
		BUSINESS PHONE:		212-475-8335

	MAIL ADDRESS:	
		STREET 1:		380 LAFAYETTE STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Loening George S
		CENTRAL INDEX KEY:			0001632169

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36823
		FILM NUMBER:		181132431

	MAIL ADDRESS:	
		STREET 1:		C/O SELECT EQUITY GROUP
		STREET 2:		380 LAFAYETTE STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SEG Partners Offshore Master Fund, Ltd.
		CENTRAL INDEX KEY:			0001632171
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36823
		FILM NUMBER:		181132432

	BUSINESS ADDRESS:	
		STREET 1:		C/O SELECT EQUITY GROUP
		STREET 2:		380 LAFAYETTE STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
		BUSINESS PHONE:		212-475-8335

	MAIL ADDRESS:	
		STREET 1:		C/O SELECT EQUITY GROUP
		STREET 2:		380 LAFAYETTE STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Shake Shack Inc.
		CENTRAL INDEX KEY:			0001620533
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING & DRINKING PLACES [5810]
		IRS NUMBER:				471941186
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		225 VARICK STREET
		STREET 2:		SUITE 301
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014
		BUSINESS PHONE:		(646) 747-7200

	MAIL ADDRESS:	
		STREET 1:		225 VARICK STREET
		STREET 2:		SUITE 301
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014
</SEC-HEADER>
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<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
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        <issuerName>Shake Shack Inc.</issuerName>
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            <rptOwnerStreet2>6TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
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            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <rptOwnerStreet2>380 LAFAYETTE STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
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    <reportingOwner>
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            <rptOwnerName>SEG PARTNERS II L P</rptOwnerName>
        </reportingOwnerId>
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            <rptOwnerStreet2>380 LAFAYETTE STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
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            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001632171</rptOwnerCik>
            <rptOwnerName>SEG Partners Offshore Master Fund, Ltd.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SELECT EQUITY GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>380 LAFAYETTE STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10003</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
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            <isOfficer>0</isOfficer>
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            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001632169</rptOwnerCik>
            <rptOwnerName>Loening George S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SELECT EQUITY GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>380 LAFAYETTE STREET</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10003</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock, par value $0.001 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2018-10-18</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3051</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>58.2180</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>31785</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2018-10-18</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>15310</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>58.2180</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>158227</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F9"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2018-10-18</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>14825</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>58.2180</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>153900</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F10"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2018-10-19</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>1214</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>54.3254</value>
                    <footnoteId id="F2"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>30571</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2018-10-19</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>6091</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>54.3254</value>
                    <footnoteId id="F2"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>152136</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F9"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
                <value>2018-10-19</value>
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            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>5898</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>54.3254</value>
                    <footnoteId id="F2"/>
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                <transactionAcquiredDisposedCode>
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                    <value>148002</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F10"/>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
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                <transactionPricePerShare>
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                    <footnoteId id="F3"/>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                    <value>See footnotes</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F8"/>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionAmounts>
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                <transactionPricePerShare>
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                    <footnoteId id="F3"/>
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                <transactionAcquiredDisposedCode>
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            <postTransactionAmounts>
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                    <value>147924</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                    <value>See footnotes</value>
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                    <footnoteId id="F9"/>
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        <nonDerivativeTransaction>
            <securityTitle>
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                <transactionFormType>4</transactionFormType>
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                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
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                <transactionPricePerShare>
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                    <footnoteId id="F3"/>
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                <transactionAcquiredDisposedCode>
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                    <value>143923</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
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                    <footnoteId id="F10"/>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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                <value>2018-10-19</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>395</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>56.5479</value>
                    <footnoteId id="F4"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>29337</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>1984</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>56.5479</value>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>145940</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F9"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2018-10-19</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1921</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>56.5479</value>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>142002</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F10"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
                <value>2018-10-19</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                    <value>267</value>
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                <transactionPricePerShare>
                    <value>57.6352</value>
                    <footnoteId id="F5"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>29070</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>See footnotes</value>
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                    <footnoteId id="F8"/>
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            </ownershipNature>
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                <transactionCode>S</transactionCode>
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            <transactionAmounts>
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                    <value>1338</value>
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                <transactionPricePerShare>
                    <value>57.6352</value>
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                <transactionAcquiredDisposedCode>
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                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F7"/>
                    <footnoteId id="F9"/>
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            <securityTitle>
                <value>Class A Common Stock</value>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionShares>
                    <value>1296</value>
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                <transactionPricePerShare>
                    <value>57.6352</value>
                    <footnoteId id="F5"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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                <sharesOwnedFollowingTransaction>
                    <value>140706</value>
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                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>See footnotes</value>
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            <securityTitle>
                <value>Class A Common Stock</value>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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                    <value>I</value>
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                <natureOfOwnership>
                    <value>See footnotes</value>
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            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
                <value>2018-10-19</value>
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            <transactionAmounts>
                <transactionShares>
                    <value>1661</value>
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                <transactionPricePerShare>
                    <value>58.2063</value>
                    <footnoteId id="F6"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>142941</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>See footnotes</value>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
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            <transactionDate>
                <value>2018-10-19</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>1608</value>
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                <transactionPricePerShare>
                    <value>58.2063</value>
                    <footnoteId id="F6"/>
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                <transactionAcquiredDisposedCode>
                    <value>D</value>
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                    <value>139098</value>
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                <directOrIndirectOwnership>
                    <value>I</value>
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                <natureOfOwnership>
                    <value>See footnotes</value>
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                    <footnoteId id="F10"/>
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    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">See Exhibit 99.1</footnote>
        <footnote id="F2">See Exhibit 99.1</footnote>
        <footnote id="F3">See Exhibit 99.1</footnote>
        <footnote id="F4">See Exhibit 99.1</footnote>
        <footnote id="F5">See Exhibit 99.1</footnote>
        <footnote id="F6">See Exhibit 99.1</footnote>
        <footnote id="F7">See Exhibit 99.1</footnote>
        <footnote id="F8">See Exhibit 99.1</footnote>
        <footnote id="F9">See Exhibit 99.1</footnote>
        <footnote id="F10">See Exhibit 99.1</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>SELECT EQUITY GROUP, L.P., By:  Select Equity GP, LLC, its general partner, /s/ George S. Loening</signatureName>
        <signatureDate>2018-10-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>s26428895a.htm
<DESCRIPTION>EXPLANATION OF RESPONSES
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Willkie, Farr & Gallagher
    Document created using EDGARfilings PROfile 4.5.0.0
    Copyright 1995 - 2018 Broadridge-->
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">EXPLANATION OF RESPONSES</div>

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<table id="z7d3757e7a2194859897d889d9c9938ef" style="FONT-SIZE: 12pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellspacing="0" cellpadding="0" border="0">
<tr>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">(1)</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 97.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $57.7100 to $58.5000, inclusive. The reporting person undertakes to provide Shake Shack Inc., any security holder of Shake Shack Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">(2)</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 97.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $53.8600 to $54.8300, inclusive. The reporting person undertakes to provide Shake Shack Inc., any security holder of Shake Shack Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.</div>

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</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">(3)</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 97.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $54.8800 to $55.8700, inclusive. The reporting person undertakes to provide Shake Shack Inc., any security holder of Shake Shack Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">(4)</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 97.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $55.8800 to $56.8400, inclusive. The reporting person undertakes to provide Shake Shack Inc., any security holder of Shake Shack Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">(5)</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 97.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $56.9600 to $57.9250, inclusive. The reporting person undertakes to provide Shake Shack Inc., any security holder of Shake Shack Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.</div>

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</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">(6)</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 97.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $57.9900 to $58.6400, inclusive. The reporting person undertakes to provide Shake Shack Inc., any security holder of Shake Shack Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">(7)</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 97.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">This Form 4 is being filed on behalf of Select Equity Group, L.P. (&#8220;Select Equity Group&#8221;), SEG Partners L.P. (&#8220;SEG Partners&#8221;), SEG Partners II, L.P. (&#8220;SEG Partners II&#8221;) and George S. Loening.&#160; Select Equity Group serves as the investment advisor to SEG Partners, SEG Partners II and SEG Partners Offshore Master Fund, Ltd. (&#8220;SEG Partners Offshore&#8221; and, together with SEG Partners and SEG Partners II, the &#8220;SEG Funds&#8221;), and Mr. Loening is the majority owner of Select Equity Group and managing member of the general partner of Select Equity Group.&#160; Each of Select Equity Group and George S. Loening may be deemed to indirectly beneficially own shares held directly by the SEG Funds, and each disclaims beneficial ownership of all such shares except to the extent of any indirect pecuniary interest therein.&#160; No SEG Fund has a pecuniary interest in any securities held directly by any other SEG Fund.</div>

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<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">(8)</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 97.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Class A Common Stock held directly by SEG Partners.</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">(9)</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 97.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Class A Common Stock held directly by SEG Partners II.</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.83%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">(10)</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 97.17%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Class A Common Stock held directly by SEG Partners Offshore.</div>

<div style="LINE-HEIGHT: 0pt">&#160;</div>
</td>
</tr>
</table>

<div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>s26428895b.htm
<DESCRIPTION>JOINT FILERS' NAMES AND ADDRESSES
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Willkie, Farr & Gallagher
    Document created using EDGARfilings PROfile 4.5.0.0
    Copyright 1995 - 2018 Broadridge-->
</head>
<body style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div><br>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt">JOINT FILERS&#8217; NAMES AND ADDRESSES</div>

<div style="LINE-HEIGHT: 11.4pt"><br style="LINE-HEIGHT: 11.4pt">
</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">
<table id="z5c3fee7e5f0e4a48bd521bc3a7991a24" class="DSPFListTable" style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(1)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">SEG Partners L.P.</div>
</td>
</tr>
</table>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 72pt">The business address for all of the above reporting persons is:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 72pt">c/o Select Equity Group</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 72pt">380 Lafayette Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 72pt">New York, NY 10003</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">By: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>/s/ George S. Loening</u></font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Date: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>October 22, 2018</u></font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">George S. Loening</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">GEORGE S. LOENING</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">By:&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>/s/ George S. Loening&#160;</u></font></div>
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<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 20.48%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Date: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>October 22, 2018</u></font></div>
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